Which of the following is NOT a determinant of the demand for gasoline?
A. The price of automobiles
B. The price of diesel
C. The supply of gasoline
D. Consumers' incomes
Answer: C
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Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production. What happens in the Australian wool market as a result of this announcement?
A) The quantity of Australian wool demanded increases in anticipation of higher prices in the future. B) The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future. C) The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future. D) The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
If the production of ukuleles creates a negative externality that is not corrected for by the government, the equilibrium quantity of ukuleles is
A) higher than optimal. B) lower than optimal. C) efficient. D) at a optimal level.
The success of a cartel rests upon
A. making exit from the cartel as nearly costless as possible. B. inducing all members to differentiate their products and charge different prices. C. inducing all members to limit their combined output and charge the same price. D. discouraging some firms in the market from joining.
The lowest two-fifths of our population receives about _____% of our total income.
A. 5 B. 9 C. 12 D. 18